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CAalley Newsletter dated February 6, 2023

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Latest additions to CAalley:


Indian News

Budget News

International News

Acts & Regulations:

SEBI Master Circular

From the ICAI:

ICAI Announcement

Legal Updates:


Central Excise


News Update:

Indian News:

India will not merge GST tax rates in 2023-24: Revenue Secretary Malhotra

Markets regulator seeks beneficial ownership details of foreign investors: Report

Linking PAN with Aadhaar: CBDT chairperson says 48 crore linked so far

IRDAI should set up a committee to review its regulations: Experts

Govt not to impose import duty on cars brought in for testing: Minister

Insurance companies under scanner for rampant tax evasion

India, France, UAE unveil plans for co-operation under trilateral framework

Introduction of Insolvency and Bankruptcy Code helped improve ‘ease of doing business’ ranking: Justice Kaul

Sebi proposes measures to curb mis-selling in alternate investment funds

Centre working on implementing new Foreign Trade Policy from April 1, 2023

Sebi provides additional methods to comply with minimum public shareholding requirement; rationalises existing ones

SEBI tweaks operational framework on credit rating agencies

GST Council chaired by FM Nirmala Sitharaman to meet on Feb 18


Budget News:

Sending money abroad, foreign investment to cost more: How remittances will be taxed from July 1, 2023

Govt reduces customs duty on number of products for marine sector

EPF withdrawals will be less taxing now. All about the big budget announcement

India Inc braces for CSR cost blow

No angel tax on past foreign investments in startups

Increase in TCS under LRS is to target discretionary spending: Revenue Secy

Scope widens for GST levy on online database services

ITC cannot be claimed on goods/services used for CSR activities: Budget

Six Questions For Indian Startups, Tech & Digital India

Budget pitches for green credits to incentivize environmentally responsive action by individuals and companies


International News:

Audit committee job creep taking its toll

UK sets out plan to regulate cryptoassets

FASB Crypto Proposal Coming by End of March amid Slight Sector Rebound from Lows

PCAOB offers new guidance for quality control remediation

OECD releases technical guidance for implementation of the global minimum tax

Acts & Regulations:

SEBI Master Circular:

Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under
[Issued on February 3, 2023]


ICAI Announcement:

Framework for Social Audit Standards

Legal Updates:


Enhanced obligations and responsibilities on Qualified Stock Brokers (QSBs)

Review of Chapter IX – Green Debt Securities of the Operational Circular for issue and listing of Non-Convertible Securities (NCS), Securitised Debt Instruments (SDI), Security Receipts (SR), Municipal Debt Securities and Commercial Paper (CP) dated August 10, 2021 (hereinafter referred to as the ‘NCS Operational Circular’), as amended from time to time

Dos and don’ts relating to green debt securities to avoid occurrences of greenwashing

Updated Operational Circular for Credit Rating Agencies

Amendments to Operational Circular for Credit Rating Agencies


Central Excise:

Performance Audit Report No. 14 of 2022 “Sabka Vishwas (Legacy Dispute Resolution) Scheme (SVLDRS) 2019” of C&AG of India (Indirect Taxes-GST, Central Excise & Service Tax)

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on Diesel [No.7]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude and export of Aviation turbine Fuel [No.6]



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